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TERM DEPOSITS

Lock-in a great rate

6 months
6.15
%
p.a.
9 months
6.10
%
p.a.
View more rates

How to open a Term Deposit

1

Click on ‘Open a Term Deposit’ and complete our online application.

2

You'll need an existing Heartland bank account. If you don't already have one, we'll open a new no-fees account for you.

3

Verify your identity through biometrics.

4

We will send you instructions on how to fund your Term Deposit.

22 Jul 2024 22 Jul 2024
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Canstar's Savings Bank of the Year 2018 - 2023

We are very proud to be awarded Canstar's Bank of the Year – Savings for the sixth consecutive year! This achievement is awarded to the institution that provides the strongest combination of products, accounting for the price positioning, features, savings tools and flexibility of the products assessed within Canstar’s Savings Account Star Ratings profiles, as well as supporting savers through a competitive Term Deposit offering.

Looking for something else?

Heartland Bank savings accounts are a great way to put aside your money and save for your goals. Here are a few options:

DIGITAL SAVER

A call account that allows easy access to manage funds while boosting your savings.

5.00

%

p.a.

No minimum investment or monthly fees.

Find out more

90 DAY NOTICE SAVER

Great interest rate with the flexibility to access your funds with 90 days’ notice.

5.75

%

p.a.

90 day withdrawal period. Variable rate.

Find out more

DIRECT CALL

A ‘no strings attached’ savings account with a competitive interest rate.

4.60

%

p.a.

No minimum investment, fees or costs.

Find out more

Got questions?

A term deposit is a fixed term investment. However, Heartland understands that people’s circumstances do change. Heartland may accept written requests for early repayment in certain circumstances such as the death of an investor or unforeseen financial hardship (but is not required to do so). If Heartland does agree to an early repayment, the interest rate payable in respect of your term deposit will be reduced. You can request an early, full or partial break by contacting our Retail Investments team on 0800 85 20 20 or [email protected].
If the funds have been invested for less than one month, Heartland will return the requested amount but will not pay you interest on that amount.

If the funds have been invested for longer than one month, the standard process is for the interest rate payable in respect of the funds that you are withdrawing to be reduced by 2.00% p.a. over the term of the investment. However, Heartland may from time-to-time reduce the interest rate payable by a larger amount, up to a maximum of 3% p.a, or a smaller amount. Your final return will not be reduced below zero.
For terms of 12 months or longer with a minimum deposit of $50,000, interest can be paid out monthly to a Heartland bank account of your choice.
Prior to the maturity date of your Heartland Term Deposit, Heartland will give you notice to tell you that your investment is about to mature. This maturity notice will give you the option to pay the funds to a Heartland bank account in your name, reinvest the full balance or reinvest part of the balance.
Yes. For terms 4 months or longer, interest will be paid every 3 months. For terms less than 4 months, interest will be paid at maturity.
No, interest must be paid to a Heartland bank account of your choice.
Yes. As part of the onboarding process we will also set you up with a Direct Call or a Business Call account to accompany your new Term Deposit. These flexible savings accounts have no account fees, unlimited withdrawals, and offer a competitive interest rate.
Yes, you must deposit at least $1,000 to open a Term Deposit account. The maximum balance of each Term Deposit account cannot exceed $5,000,000.
Yes, we will send a maturity notice prior to your Term Deposit maturing.
Interest rates accurate as at 23/07/24

Can't find what you're looking for?

We have a great team standing by to answer any of your investment questions.

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